The present invention is related to image cashletter processing, and more specifically to image cashletter processing with reject repair deferral.
Currently, paper checks that are used to pay bills and make purchases are being scanned to produce an electronic representation of each check. A cashletter typically contains a number of negotiable items or monetary records, mostly checks, and may be accompanied by a letter that lists the amounts and instructions for transmittal to other banks. In current environments, cashletters (or image cashletters) are processed as a single unit of work. Each individual monetary record in the cashletter must be verified and validated before the image cashletter is eligible to be delivered to downstream applications for further processing. As a result, if an image cashletter has any number of items that fail a bank's or other financial institution's magnetic ink character recognition (MICR) edits, the entire unit of work (i.e., image cashletter) will not be eligible for publishing or further processing until each of the MICR edit failures can be resolved and reconciled. Therefore, items in the cashletter that pass the MICR checks are held up along with the items that fail the MICR checks. Further, as image cashletter volume increases, the necessity to handle a large volume of items in a relatively short amount of time becomes more important. Cycle times likely deteriorate as more and more files that contain rejects are processed as a single unit of work. This causes processing delay of the good read items while waiting for the MICR failed items to be corrected.